Retirement Planning

drinking coupleAs we're all living longer, making provision for retirement is an important decision. We recommend having regular retirement planning reviews in the years leading up to retirement in order to highlight shortfalls and to determine which type of pension income is likely to meet your needs best. There are various options available to you - some of which need to be discussed more than a year prior to the normal retirement date of your scheme.

Benefits can be accessed from age fifty five to access some or all your tax free, pension commencement lump sum - with or without taking your income. Check the Drawdown section for more information.

Pension has changed, enabling much more flexibility to draw your benefits to suit your own specific needs. Its very likely you will be able to transfer your pension entitlement into a drawdown type arrangement allowing you access to the full value of your funds. Whilst this may seem attractive and may be completely suitable for a number of people, we do not believe that this would be suitable advice for the majority of people.

There are a number of Pension adviser/ transaction firms (some are unregulated) targeting employees to transfer their benefits away from their pension, we would certainly advise caution and to take proper Independent advice from a reputable firm before considering such a transaction.

Retirement Planning is an area where you really need to take independent financial advice. There can be many pitfalls and drawbacks. In some cases your long term retirement plan may be affected by the choices you make and these could be irreversible. Instead of making these difficult decisions on your own, lets work together creating the best future for you and your family.


pension forecast

contact us

OnTrack Financial Planning Ltd. is authorised and regulated by the Financial Conduct Authority
Registered in Scotland, Registered No.SC406825, Registered Address: 6 Wallace Brae Grove, Reddingmuirhead, Falkirk, FK2 0FF.
Website architecture by RubberTree Software.